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South Bend Redevelopment Commission <br />Regular Meeting - August 4, 1995 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />requested closing date. Additionally, this <br />is not an issue that the Commission has <br />control over. <br />The staff recommends Commission <br />acceptance of this proposal subject to the <br />following conditions: <br />Legal Review - <br />The Commission's attorney has been <br />unavailable and has not yet reviewed the <br />proposal. Acceptance of this proposal <br />should be subject to legal review and <br />recommendations. <br />Tract II - Price Escalation <br />The proposal states "The purchase price <br />[of Tract II] shall be determined as of the <br />date that the applicant delivers or mails its <br />4 notice of intent." This needs to be tied to <br />the actual date of closing. Acceptance of <br />this proposal should be subject to <br />addressing this issue. <br />Faithful Performance Guaranty <br />The proposal includes a 10% performance <br />guaranty for the purchase and development <br />of Tract I only. Acceptance of this <br />proposal should be subject to receipt of an <br />acceptable performance guaranty for the <br />purchase and development of Tract II. <br />Building Design <br />The proposal did not include building <br />designs for either Phase I or Phase II. <br />Acceptance of this proposal should be tied <br />to final staff review of building design and <br />materials. The project is required to be <br />reviewed by the Corporate Park's <br />Architectural and Site Plan Review <br />Committee. <br />Hl- <br />